Titan Industries announced in November that it had signed a binding agreement to buy one of Switzerland’s oldest watch brands.
Favre-Leuba was internationally renowned for high-quality timepieces and watches before a steady decline in sales and brand awareness towards the end of the 1990s. At the zenith of its previous fortunes, in the 1960s, the brand produced more than half a million pieces a year.
Favre-Leuba has a tradition that dates back to 1737, making it one of the oldest brands in Swiss watchmaking.
Since then, the brand, with an atelier in Le Locle, Switzerland, has seen fluctuating fortunes and, more recently, a series of ownership changes. For a brief period, it was part of the LVMH Group. The brand’s fortunes dimmed in the 1970s and 1980s when the Swiss watch industry faced the “quartz crisis” with competition from cheap Japanese watches.
Favre-Leuba relaunched itself as an independent brand in 2008.
swiss heritage: Favre-Leuba’s maison in Le Locle.
In a press release, Titan Watches chief operating officer Harish Bhatt said: “The strategic rationale behind the acquisition is to complement and strengthen the existing watches brand portfolio of the company with a Swiss heritage brand.” The brand changed hands for €2 million.
Currently, Favre-Leuba’s collection includes the self-winding Mercury range with in-house movements and the Bathy V2 diving watch.